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Residential

The average rate for 30-year mortgages fell from 4.49 percent to 4.45 percent in the week ended March 6, according to Bankrate.com. The rate for 15-year mortgages fell from 3.50 percent to 3.46 percent.

Leases/leasing contracts

-Three Star Surplus leased 22,585 square feet of industrial space at 3919 Clarks Creek Road, Plainfield. The landlord, Boo-Rob LLC, was represented by Michael Weishaar of Cassidy Turley. The tenant represented itself.

-Williams LTC Pharmacy LLC leased 8,068 square feet of office space at 11900 Exit Five Parkway, Fishers. The tenant was represented by Mike Semler of Cassidy Turley. The landlord, Sunbeam Development Corp., represented itself.

-Alerding Castor LLP leased 7,084 square feet of office space at 47 S. Pennsylvania St. The tenant was represented by John Crisp and Spud Dick of Cassidy Turley. The landlord, Pillar Majestic LLC, represented itself.

-Pint Room leased 5,162 square feet in Sophia Square Shoppes at 110 Main St., Carmel. The tenant was represented by Robyn Smart of ECHO Retail. The landlord, Carmel Lofts LLC, an affiliate of Keystone Realty Group, was represented by Bart Jackson and Scot Courtney of Lee & Associates.  

-Midwest Plastic Systems leased 5,063 square feet at 9900 Westpoint Drive. The tenant was represented by Cam Kucic of Summit Realty Group. The landlord, Clarion Partners, was represented by Fritz Kauffman of Cassidy Turley.

-Wings Etc. leased 4,900 square feet at Plainfield Plaza, 1818 E Main Street, Plainfield. The tenant was represented by Dean Almas of Sitehawk Retail Real Estate. The landlord, Vivian Haase Plaza LLC, was represented by Michael Cranfill of Sitehawk Retail Real Estate.

-All Star Liquors leased 4,000 square feet of retail space in Lynhurst Shops, 2910 S. Lynhurst Ave. The tenant and landlord, Haven Building Materials, were represented by Herb Feldmann and Cindy Hoskinson of Lee & Associates.

-Soil and Materials Engineers Inc. leased 4,500 square feet of office-warehouse space at 5755-5857 W. 74th St. The tenant was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The landlord, Dugan Financing LLC C/O Duke Realty Corp., was represented by Kate Willen Ems of Duke.

-BP Canada Energy Marketing Corp. renewed its lease for 3,566 square feet of office space in Meridian Parke, 373 Meridian Parke Lane, Greenwood. The tenant was represented by Jimmy Clark of JLL. The landlord, AAAG LLC, was represented by Cathy Richards of Lee & Associates.
 
-Huntington Bank leased 2,478 square feet in Sophia Square Shoppes at 110 Main St., Carmel.  The tenant and landlord, Carmel Lofts LLC, an affiliate of Keystone Realty Group, were represented by Bart Jackson and Scot Courtney of Lee & Associates.

-do-tique leased 1,854 square feet in Sophia Square Shoppes at 110 Main St., Carmel. The tenant was represented by Jason Challand of Echelon Realty Advisors. The landlord, Carmel Lofts LLC, an affiliate of Keystone Realty Group, was represented by Bart Jackson and Scot Courtney of Lee & Associates.

-Radio Shack leased 1,800 square feet of retail space in The Shoppes at Smith Valley, 791 State Road 135, Greenwood. The tenant was represented by Bill French of Cassidy Turley. The landlord, 791 SR 135LLC, was represented by Scot Courtney and Bart Jackson of Lee & Associates.

-Orange Leaf Frozen Yogurt leased 1,765 square feet at The Bridges, 116th and Springmill Road, Carmel. The tenant was represented by Tracey Holtzman of Midland Atlantic Properties. The landlord, The Bridges I LLC, was represented by Ron Foster of T.M. Crowley and Associates.

-Caplin Sniderman LLC leased 1,500 square feet of space at 9245 N. Meridian St. The tenant was represented by Alex Sanders of Newmark Knight Frank Halakar. The landlord, Echo Associates, was represented by Ashley Bussel and Ralph Balber of Newmark Knight Frank Halakar.

-Exercise Coach leased 1,452 square feet in Sophia Square Shoppes at 110 Main St., Carmel. The tenant was represented by Gary Perel of Newmark Knight Frank Halakar.  The landlord, Carmel Lofts LLC, an affiliate of Keystone Realty Group, was represented by Bart Jackson and Scot Courtney of Lee & Associates.

-Sir Vapes-A-Lot leased 1,250 square feet at Yates Center, 1995 E Stop 13 Road. The landlord, Yates Real Estate LLC, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.

-Breathe Yoga leased 1,200 square feet of retail space in Winthrop Commons, 5345 N. Winthrop Ave. The landlord, Crum Realty, was represented by Ron Mannon and Scott Herider of Lee & Associates. The tenant represented itself.

-Fena Tailoring leased 960 square feet at Meridian Meadows, 3021 Meridian Meadows Road, Greenwood.  The landlord, Meridian Meadows LLC, was represented by Keith Fried of Sitehawk Retail Real Estate. The tenant represented itself.

Sales/acquisitions

-Keystone Corp. (Green Indy) bought 1.2 acres at 1227 W. Main St., Carmel. The buyer was represented by Bo Leffel of Cassidy Turley. The sellers, Sharlene Teng and Yiting Yang, represented themselves.

-Revel & Underwood Inc. bought 0.89 of an acre at 6705 S. State Road 334, Zionsville. The seller, Duke Realty Corp., was represented by Jacque Haynes of Cassidy Turley. The buyer represented itself.

-Keystone Construction Corp bought an 113,740-square-foot office building at 8925-8935-8945-9011 N. Meridian St. The seller, Cassidy Turley acting as court-appointed receiver, was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The buyer represented itself.

-DRG Fall Creek LLC bought the 8,167-square-foot Emerson Way Shopping Center Professional Building at 5502 Emerson Way. The seller, Emerson Way LLC, was represented by Tracey Holtzman of Midland Atlantic Properties. The buyer represented itself.  

-AutoZone bought 1.03 acres at 4437 Clark Drive. The buyer was represented by Pete Anderson of BI Realty Services. The seller, Flag Properties, was represented by Jeff Hubley and Patrick Boyle of Midland Atlantic Properties.

-John M. Sikich Jr. Trust bought an 11,340-square-foot warehouse/office building at1801 S. Lawndale Ave. The buyer was represented by Chip Barnes of JLL. The seller, OFP Family Partners Ltd., was represented by Mark Writt of CBRE.

Correction

Aldi (Indiana) LP leased 2.58 acres at 284-310 S. State Road 135, Greenwood. The tenant was represented by Jim Abel of Lee & Associates. The landlord, Union Streams LLC, was represented by David Ellis of Fenway Real Estate Services. Information for this deal was incomplete in last week's Real Estate Weekly.

Lawmakers vote to put Energizing Indiana program on hold

A bill that would sideline the state’s energy-efficiency program was sent to the governor Monday, but Indiana lawmakers are still mulling bills that would relax gun regulations in school parking lots and make some welfare recipients undergo drug-testing.

Developer to break ground on Fort Ben project

The 36,000-square-foot building will house 27,000 square feet of office suites. The remainder will be retail, with the local Jockamo's Pizza chain slated to open a restaurant in the largest space.

Colts already nearing sellout for all 2014 games

This off-season's Indianapolis Colts season ticket renewal rate will come in near 10 percentage points higher than it was just two years ago. Very few if any single-game tickets are expected to be available for the upcoming season.

Republicans needed to make Obamacare work

Obama’s latest delay of Obamacare insurance rules could sabotage the law’s exchanges. The president must be counting on Republican critics, like Indiana Insurance Commissioner Stephen Robertson, to stop him.

Timing looks right for Biomet IPO

After private equity firms paid $11.4 billion for Biomet Inc. just months before the onset of a prolonged downturn, they are now trying to take the company public when U.S. consumer sentiment is on the upswing.

Company news

Dow AgroSciences LLC predicts its $7 billion in annual sales will double over the next five to 10 years as it launches 13 new products by 2018. The biggest of those products is expected to be its Enlist Weed Control System, which is set to hit markets in 2015. Enlist kills weeds that have grown resistant to glyphosate, the active ingredient in the popular Roundup herbicide developed by competitor Monsanto Co. The new products stem from a bevy of R&D activity at Dow Agro’s headquarters at West 96th Street and Zionsville Road. The company had nearly 3,500 patents worldwide at the end of 2013, up from 2,800 just a year earlier, according to Securities and Exchange Commission filings. The global market for agricultural technology is valued at $100 billion and is set to explode as the human population swells from the current 7 billion to an anticipated 9 billion by 2050.

The University of Indianapolis is negotiating with developers to finance a $22 million to $30 million health sciences center adjacent to its south-side campus. UIndy would be the main tenant in the 134,000-square-foot building, which is slated to open in August 2015 on the southwest corner of Hanna and State avenues. UIndy officials declined to name the developers it is talking to, but said it would select one this spring. In addition, UIndy plans to release a request for proposals at the end of March to health agencies or hospital systems to potentially open clinical space in the center or operate a partnership with the university to study and improve health disparities in the city and state. On a parallel track, UIndy is talking to other health care providers about opening a presence in the new building. According to UIndy President Robert Manuel, the school has had talks with one provider that operates 250 clinics around the Midwest. Roughly 34,000 square feet of the building is earmarked for those partners, Manuel said.

Empagliflozin, a diabetes pill developed by Eli Lilly and Co. and Boehringer Ingelheim GmbH, was rejected by U.S. regulators because of unresolved manufacturing deficiencies at a German plant, Bloomberg News reported. The U.S. Food and Drug Administration inspected Boehringer’s Ingelheim am Rhein facility in 2012 and warned the company of the faults in May 2013. No new clinical studies will be needed to approve the drug. The FDA re-inspection of Boehringer’s plant is continuing, said company spokeswoman Emily Baier. It could take up to six months after the inspection for the FDA to decide whether the problems have been fixed. Empagliflozin is part of a class of drugs that includes Johnson & Johnson’s Invokana and AstraZeneca Plc’s Forxiga. The drugs help the body get rid of sugar through the kidneys. The Lilly-Boehringer drug is projected to reach sales of $295 million for Lilly in 2019, according to analyst estimates compiled by Bloomberg.

A moratorium on the construction of nursing homes in Indiana is now in a legislative conference committee, where lawmakers will seek a compromise between a five-year Senate version and a one-year version passed by the House. Rep. Tim Brown, R-Crawfordsville, said the moratorium called for in Senate Bill 173—through June 30, 2015—would save money for the state, as well as nursing home facilities, according to The Statehouse File. Hospitals and facilities with fewer than 10 beds would be exempt from the moratorium. The bill would not affect assisted-living homes or the transfer of Medicaid beds. Brown said Indiana's nursing homes aren’t full and that the state is paying a part of those fixed costs. But Rep. Todd Huston, R-Fishers, called the bill an “over-the-top solution to a market-based problem.”

Health insurers such as Indianapolis-based WellPoint Inc. and Louisville-based Humana Inc. stand to receive $5.5 billion next year to cover losses from Obamacare in a program the law’s opponents label a bailout, according to Bloomberg News. The money, outlined in President Barack Obama’s proposed budget for the fiscal year that begins in October, is designated to help insurers who find the cost of the law higher than expected, based on the percentage of older, sicker people who sign up compared with younger enrollees. Under the Patient Protection and Affordable Care Act, insurers who record a profit of 3 percent or more on their Obamacare business would put some of the gains into a government-controlled fund. Companies whose claims cost at least 3 percent more than their premium revenue can access the money. The administration expects to collect enough from profitable insurers to cover the costs of payments to other companies in the risk corridors program, Emily Cain, a spokeswoman for the U.S. Office of Management and Budget, said in an email.

People

Mary Kitchen has joined Eskenazi Health as chief financial officer. Kitchen previously worked at Health & Hospital Corporation of Marion County as assistant treasurer. Kitchen earned a bachelor’s degree in accounting from Indiana Central University, now known as the University of Indianapolis. She also earned her MBA from University of Indianapolis.

Dr. Shabnam Moshref, an internist, has joined Community Physician Network in Indianapolis. She completed her medical training at Lake Erie College of Osteopathic Medicine in Erie, Pa.

Dr. Theresa Suozzi, a family physician, has joined Community Physician Network in Indianapolis. She previously practiced medicine in Connecticut. She completed her medical degree at Indiana University School of Medicine.

Hamilton County planning to test CNG-fueled vehicles

Hamilton County commissioners aren’t just working on a plan to install rooftop solar panels on some public buildings. They’re also looking to take their energy-savings efforts on the road, with vehicles that run on compressed natural gas.